At Redbrik, we know a thing or two about not only buying to let but how to get the most out of your property investment. If you're thinking about buying to rent or are interested in letting properties in Sheffield and Chesterfield in the future, read our guide below.
1. Consider using a buy-to-let mortgage
If you want to invest but don't have enough funds to purchase a property outright, there are plenty of buy-to-let mortgage options that can put you on the path to a successful property portfolio. In this case, mortgage lenders will review the potential rental income of the investment property as your primary source of income, with your salary often being taken into account as secondary. In this process, your rental yield must meet at least 25% more than the monthly mortgage repayments, which would need to be demonstrated when applying for your buy-to-let mortgage.
If you're a first-time Landlord, a buy-to-let mortgage might be your key to starting your property portfolio. Our friendly Lettings team are on hand to offer knowledgeable and practical advice to help you on your way to property investing.
2. Find the right property
Consider the type of property and the right location for you, making sure you do plenty of research to gauge the kind of tenant you might want to live there. Access to local amenities and transport links is a great starting point. You might also want to consider school catchment areas for families looking to rent or proximity to the city centre for student properties.
3. Selecting the right tenant
At Redbrik, we appreciate how significant your investment is and understand the trials and tribulations of accepting a prospective tenant for your hard-earned investment property. That's why we take extra care when matching a tenant to your property with an already established database of applicants.
4. Investing for capital growth
You might be looking for an investment that increases in value over a medium or long-term period. As house prices are increasing, this is an excellent opportunity if the costs of the property are high, as you can be sure to make your investment back and more when you decide to sell in the future.
5. Investing for rental yield
If you're investing for rental yield, you will be relying on the rental return from tenants more so than the value of the property itself, for example, renting a student house where you're likely to attain a steady flow of income each month.
6. Accidental Landlord
If you've found yourself with a property on your hands that you just don't know what to do with, choosing to let it out might be a good solution in the interim between deciding what next steps you want to take long term. If you're struggling to sell your property, or you've inherited a property in Chesterfield or Sheffield, letting might be a good choice and our expert team are always on hand.
At Redbrik, we use the latest tools and techniques to make your rental experience stress-free and seamless. Hear about how Redbrik landlords have found their experience.Read our reviews
Letting our property through Redbrick has been a good experience Jake McLean has looked after us and been very helpful when dealing with some issues at the property. Everything was dealt with in a timely manner and the communication has been excellent. We would definitely use them again.
As a Landlord I have found Redbrik Estate Agents to be a great help.
Nowadays the law often seems to be on the side of the tenant but Redbrik offer much help and guidance for the landlord also and I feel that my property is safe in their hands.
Georgina who manages my property is professional and friendly and a pleasure to correspond with, always replying to any questions or problems I have very quickly.
If you have a property to let Redbrik will help you find a suitable tenant and therefore a certain peace of mind about who is occupying it. This to me is worth a lot because it can save so much expense and disruption in the future.
Highly recommended Estate Agents!